Read Unicorn, e-scooter startup from co-creator of Tile, shuts down with no money for refunds (The Verge)

The company had "totally failed as a business," the CEO said in an email.

This is deplorable behavior. Paying users shouldn’t have to foot the bill. It should be the financial responsibility of the company, its board, and its executives to do better than this. Startups shouldn’t structure their company like a Ponzi scheme and doing so sets a terrible precedent.